Economics Unit 2 Test Review

When the quantity demanded of an item is greater than the quantity supplied at a given price.

Which of these could a firm accomplish during a short-run production period?

Which of these tends to force the price of an item downward?

What movie is this?

Labor in a factory is an example of which of these?

What type of demand would there be for a good that had NO substitutes?

Product related in a way that an increase in the price of one increases the demand for another.

This refers to the amount of a product offered for sale at all possible prices in a market

Prices of common vegetables tend to be elastic because....

This is a method by which the government allocates goods and services without prices.

What type of demand would there be for a good that your business needs RIGHT NOW!!!

A market structure in which only one firm or business dominates the industry.

An illegal agreement among producers to fix price, limit output, or divide markets.

The portion of a change in quantity demanded caused by a change in a consumers income.

Which of the following is NOT a factor in determining a products elasticity?

The practice of charging different customers different prices for the same product.

The branch of economics that deals with decision making by small units such as individuals

Which statement is most accurate?

Which product most likely has demand that is inelastic?

Name this movie.

What movie is this?

Which is likely complementary to a tablet computer?

The decrease in additional satisfaction of usefulness as additional units of products are used

What movie is this?

What is the following graph showing?

The monetary value of an object

Who is this character?

What condition differentiates a market of pure competition from one of monopolistic competition

What is the following graph showing?

Which of the following can cause market failure?

When the price of something increases, the quantity demanded...

A market structure in which a few large sellers dominate the industry.

Prices help economies function by simplifying the _____ of resources.

Refers to a changing price that causes a proportional change in total revenue.

When price increases, the quantity supplied will...

Products that are paid for and consumed collectively, such as highways or national defense.

The amount at which demand for an item matches the supply of it.

The cost of an item when the amount purchased matches the amount produced.

Which of these is an example of a variable cost?

What is the MAIN cause of a change in quantity demanded?

The extent to which a change in price causes a change in the quantity demanded.

Which of the following replaces a costly item with a less costly one?

Which of the following is NOT a factor that can cause a change in supply?

Payment to an individual/business to encourage or protect a certain type of economic activity

Unintended side effects that either benefit or harm a third party.

What movie is this?

Which of these is an example of a fixed cost?

When the quantity supplied of an item is greater than the quantity demanded at a given price